06 August 2012

BRASIL : 666 Is Unlucky For Petrobras; Q2 Is Worst Loss In 13 Years.

http://www.bloomberg.com/news/2012-08-06/petrobras-posts-surprise-quarterly-loss-on-weak-brazil-currency.html Blame it on...the REAL. In Q2...Brasil's currency sunk in value vs the USD by 9%...pushing up costs...resulting in a $666 million surprise loss for Petrobras. It was Petrobras' first quarterly loss...in 13 years. PBR shares dropped 5.6%...before ending down by 2.1%. The company blamed lower output, writing off 41 dry holes and losses on imported fuels for the massive...satanic numbered loss. PBR's new boss did increase gas prices by 7.8% in June...but critics say they still do not reflect $90 bbl market levels.